NEWS RELEASE 05/11/10

AICPA/FAF/NASBA “Blue-Ribbon” Panel on Standard Setting for Private Companies to Host Second Meeting on Friday, May 14

Norwalk, CT, May 11, 2010—The AICPA/FAF/NASBA "Blue-Ribbon" Panel on Standard Setting for Private Companies will hold its second meeting on Friday, May 14, at the FAF offices at 401 Merritt 7, Norwalk, CT 06856. The public portion of the meeting, from 9:10 a.m. to 4:00 p.m., with a lunch break, will be webcast live through the AICPA and FAF websites. An archived recording of the webcast will be available on both websites following the meeting.

In the morning session, the Panel will continue its discussion on when and how U.S. GAAP financial statements are used for private companies and on whether they are meeting user needs in a manner that is cost-beneficial for both users and preparers. In the afternoon session, the Panel will discuss how the U.S. environment and standards for private companies compare to those in other countries and regions and what we can learn from the experience of other standard setters, including the IASB, the Canadian Accounting Standards Board, and the U.K. Accounting Standards Board.

In-person admission to the public meeting is limited; attendees must register at the FASB website in advance. Members of the press who are interested in attending the public meeting should contact Neal McGarity, FAF director of communications, at nemcgarity@f-a-f.org.
The agenda and background materials for the meeting are available here.

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (www.fasb.org) and its counterpart for state and local government, the Governmental Accounting Standards Board (www.gasb.org).

The FASB is the designated organization in the private sector for establishing standards of financial accounting and reporting for nongovernmental entities in the United States. The GASB establishes and improves financial accounting and reporting standards for state and local governments. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.

The FAF is based in Norwalk, CT.

About the AICPA

The American Institute of Certified Public Accountants (www.aicpa.org) is the national, professional association of CPAs, with more than 360,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and not-for-profit organizations. It develops and grades the Uniform CPA Examination.

The National Association of State Boards of Accountancy (www.nasba.org) is the membership organization for the 55 boards of accountancy (50 states, Puerto Rico, Virgin Islands, Washington DC, Guam, and Commonwealth of the Northern Mariana Islands). NASBA’s mission is to enhance the effectiveness of state boards of accountancy through programs that preserve the public trust and confidence in the CPA license, ensure that the integrity, objectivity, and independence of CPAs are not compromised and foster compliance with ethical and professional standards.

NASBA is headquartered in Nashville, TN and maintains a northeast office in New York, NY.